Aena S.M.E., S.A.

DB:A44 Stock Report

Market Cap: €29.5b

Aena S.M.E Valuation

Is A44 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of A44 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: A44 (€196) is trading above our estimate of fair value (€164.99)

Significantly Below Fair Value: A44 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for A44?

Key metric: As A44 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for A44. This is calculated by dividing A44's market cap by their current earnings.
What is A44's PE Ratio?
PE Ratio15.2x
Earnings€1.94b
Market Cap€29.48b

Price to Earnings Ratio vs Peers

How does A44's PE Ratio compare to its peers?

The above table shows the PE ratio for A44 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.9x
FRA Fraport
11.1x2.2%€5.1b
DHL Deutsche Post
12.1x8.8%€38.8b
HLAG Hapag-Lloyd
18x-12.6%€26.4b
LHA Deutsche Lufthansa
6.6x14.8%€7.4b
A44 Aena S.M.E
15.2x5.4%€29.5b

Price-To-Earnings vs Peers: A44 is expensive based on its Price-To-Earnings Ratio (15.2x) compared to the peer average (11.9x).

Price to Earnings Ratio vs Industry

How does A44's PE Ratio compare vs other companies in the European Infrastructure Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
A44 15.2xIndustry Avg. 14.7xNo. of Companies7PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: A44 is expensive based on its Price-To-Earnings Ratio (15.2x) compared to the European Infrastructure industry average (14.7x).

Price to Earnings Ratio vs Fair Ratio

What is A44's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

A44 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.2x
Fair PE Ratio17.7x

Price-To-Earnings vs Fair Ratio: A44 is good value based on its Price-To-Earnings Ratio (15.2x) compared to the estimated Fair Price-To-Earnings Ratio (17.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst A44 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€196.00
€207.37
+5.8%
12.0%€234.00€129.00n/a23
Dec ’25€204.40
€206.67
+1.1%
11.3%€234.00€129.00n/a23
Nov ’25€205.00
€205.70
+0.3%
11.4%€234.00€129.00n/a22
Oct ’25€197.30
€200.71
+1.7%
11.3%€226.00€129.00n/a25
Sep ’25€182.40
€199.91
+9.6%
11.0%€226.00€129.00n/a25
Aug ’25€170.30
€200.31
+17.6%
11.1%€226.00€129.00n/a25
Jul ’25€190.50
€192.04
+0.8%
12.8%€218.00€127.20n/a25
Jun ’25€178.50
€189.30
+6.0%
12.8%€218.00€127.20n/a24
May ’25€170.90
€187.30
+9.6%
12.2%€213.00€127.20n/a24
Apr ’25€182.30
€183.05
+0.4%
11.9%€210.00€127.20n/a24
Mar ’25€175.00
€179.32
+2.5%
11.7%€206.00€127.20n/a25
Feb ’25€164.40
€170.56
+3.7%
12.1%€202.00€127.20n/a25
Jan ’25€164.75
€165.56
+0.5%
10.2%€187.00€127.20n/a25
Dec ’24€158.45
€162.88
+2.8%
9.6%€184.00€127.20€204.4025
Nov ’24€138.00
€161.04
+16.7%
9.5%€180.00€127.20€205.0024
Oct ’24€142.00
€162.59
+14.5%
9.7%€180.00€127.20€197.3022
Sep ’24€144.30
€165.27
+14.5%
9.0%€188.00€127.20€182.4022
Aug ’24€143.95
€164.43
+14.2%
9.1%€188.00€127.20€170.3021
Jul ’24€148.05
€162.95
+10.1%
8.8%€188.00€125.10€190.5021
Jun ’24€146.70
€159.82
+8.9%
10.0%€188.00€125.10€178.5021
May ’24€152.65
€158.87
+4.1%
9.5%€181.00€125.10€170.9021
Apr ’24€148.65
€152.62
+2.7%
11.3%€181.00€125.10€182.3022
Mar ’24€146.15
€143.94
-1.5%
9.6%€175.00€125.00€175.0022
Feb ’24€139.25
€144.32
+3.6%
10.8%€185.00€120.00€164.4024
Jan ’24€117.65
€141.78
+20.5%
11.2%€185.00€115.00€164.7525
Dec ’23€122.95
€138.86
+12.9%
12.1%€185.00€114.00€158.4525

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 13:52
End of Day Share Price 2024/12/19 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Aena S.M.E., S.A. is covered by 47 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Filipe LeiteBanco BPI, S.A.
Bruno SilvaBanco BPI, S.A.
Rafael Bonardell TrianesBanco de Sabadell. S.A.